8/09/2007 @ 3:00PM

In Pictures: 10 Undervalued Vacation-Home Spots

Pena Blanca, N.M.

Median price: $209,081

Average appreciation rate since 2002: 11%

Located on a lake outside of Santa Fe, this Pueblo-style home has three bedrooms and two bathrooms, and over 2,000 square feet of interior space. From the outdoor patio, views extend along the southern ridge of the Sandia Mountains. It is listed for $298,000 through Santa Fe Properties.